How to win over.. the recovering Hong Kong beauty market
Exclusive insights from beauty leaders L’Occitane Group, Sa Sa International, G&M Cosmetics, Pretti5 shed light on the resilient Hong Kong beauty and personal care market and reveal why it remains a key market in Asia Pacific.
The COVID-19 pandemic brought about notable disruptions to Hong Kong. Compounded by the aftermath of the 2019 protests, Hong Kong’s retail sector experienced a downturn due to prolonged periods of social distancing measures and travel restrictions.
According to market research provider Euromonitor International, Hong Kong’s beauty market was valued at HKD28.9bn in 2023.
Before the pandemic, in 2018, it was valued at HKD36.1bn. The most significant drop in recent years was from 2019 to 2022 when it fell by 37% to HKD20.8bn.
How to win over… Asia’s discerning luxury beauty consumers
Insight and data from Clé de Peau Beauté, Elizabeth Arden, LUXASIA, and more reveal that Asia Pacific’s luxury beauty segment faces the challenge of justifying its high prices to more discerning consumers against a backdrop of economic uncertainties and rising quality of brands at more accessible price points.
Tiffany & Co ping pong paddles, a gold-covered burger, that martini with a one-carat diamond (the world’s most opulent choking hazard?). These are just some of the most ludicrous items that come to mind when we think of luxury.
After all, isn’t the point of luxury having the means to be outlandishly excessive?
“If you really zoom out, the definition of luxury is about unnecessary specs,” agreed Mario Braz de Matos, co-founder of Flying Fish Lab, a digital branding agency headquartered in Singapore.
He pointed to Vertu, a luxury mobile phone brand and subsidiary of former mobile giant Nokia, as a prime example.
How to win over…diverse Singaporean beauty consumers
Exclusive insights from beauty companies Sephora, LUXASIA, Porcelain, and Founder’s Beauty shed light on Singapore’s beauty and personal care market and reveal what it takes to capture its discerning consumers and succeed in its diverse market.
Singapore is so small it is often unseen on world maps but for a red marker highlighting its place. This is how the island nation got its nickname, the Little Red Dot. The city-state is about 712 square kilometres and smaller than Rhode Island, the smallest state in the US. The population is over five million and larger than New Zealand’s, a country you could easily spot on a map without any other indicators.
While it is a David in a world of Goliaths, Singapore remains one of the most attractive markets for businesses across multiple industries. It is highly regarded as a business-friendly environment and logistics hub, making it the ideal entry point into SEA or the wider Asia region.
Singapore Retail Association (SRA) council member Alwyn Chong told CosmeticsDesign-Asia described Singapore as a “showcase market” for the beauty industry.
How to win over… evolving post-pandemic travel retail shoppers
Insight from travel retail experts at Elizabeth Arden, Kenvue, L’Occitane, L’Oréal and more have highlighted the challenges facing the duty-free sector and reveal what it takes to navigate the evolving habits of the post-pandemic passenger.
According to the World Economic Forum (WEF), 2024 marks the year travel and tourism returns to form, with its contribution to global GDP expected to reach pre-pandemic levels this year.
The Mastercard Economics Institute (MEI) paints a similarly rosy outlook on travel, predicting that as consumers continue to prioritise meaningful experiences, they are expected to allocate more of their budget to travel.
Amidst the positive expectations, in reality, the numbers have been more varied across Asia Pacific, signalling that each market was recovering at its own pace.
How to win over… Asia’s sophisticated skin care consumers
We reveal exclusive insights into the Asian skincare market with expert viewpoints from Melvita, Elizabeth Arden, StyleStory, and more, discussing the shifting landscape, emerging consumers, and strategies needed to stay ahead in this increasingly competitive market.
The buzz in the skin care market is deafening, with a cacophony of new launches, viral products, and emerging trends trying to grab attention. The beauty market overall is competitive, but the skin care market is doubly cutthroat. We have seen some great brands succumb to the pressures of the market while rather average brands continue to thrive.
“I think it’s as competitive as it has ever been,” Lauren Lee, founder of K-beauty retailer StyleStory. Since its launch in 2014, Lee has founded K-beauty brand Jelly Ko and a regulatory consultancy.
How to win over… the global beauty consumer as a C-beauty brand
Exclusive insights from China’s leading beauty brands, including Chioture, PRAMY and Spēs, alongside industry experts, reveal the opportunities, strengths and challenges of C-beauty’s global expansion.
Last December, in an interview with CosmeticsDesign-Asia, Maxime De Boni, said that C-beauty brands – Chinese cosmetic brands – were on track to becoming a powerful driving force in the global beauty market.
“China has a growing beauty market and a vibrant start-up ecosystem, fostering innovation across various segments of the industry, which makes C-Beauty a fast-rising wave and a growth engine of North Asia and the world,” said the vice president of L’Oréal research and innovation, North Asia and China.
True enough, 2024 has turned out to be a stellar year for C-beauty in terms of gaining international prominence.
How to win over… beauty consumers in India’s tier-two and -three cities
Insights from Nykaa, Potion Inc, and Invest India highlight strategies to win over its price-sensitive consumers and navigate diverse distribution challenges within India’s tier two and three cities.
With its huge 1.4 billion population, India is one of the world’s largest consumer markets. Despite its appeal, it remains relatively untapped by major brands and multinational chains.
Nirmalya Kumar, professor of marketing at Singapore Management University’s (SMU) Lee Kong Chian School of Business, highlighted that global companies like IKEA, Zara, and Starbucks have yet to explore their full potential in their market.
“If you are seeking growth as a company, you cannot ignore India,” said Kumar, who has authored India Inside: The Emerging Innovation Challenge to the West and India’s Global Powerhouses: How They Are Taking on the World.
How to win over… the dynamic Indonesian consumer
Exclusive insights from beauty brands like AXIS-Y and Somethinc, alongside industry experts, shed light on the burgeoning Indonesian beauty market while highlighting its major challenges and opportunities.
With a population of over 270 million and a median age of 29, Indonesia has emerged as a beauty powerhouse in recent years. This positive trajectory is driven by Indonesia’s burgeoning population, which, according to the World Health Organisation (WHO), is projected to increase by 14% to over 320 million by 2050.
According to the report, Next Generation Indonesia, 52% of Indonesia’s large population are young people aged 16 to 35. The population isn’t just growing – it is young, tech-savvy, and beauty-obsessed.
How to win over… China’s value-drive beauty consumers
Exclusive insights from Elizabeth Arden, G&M Cosmetics, Aromababy, alongside industry experts shed light on the increasing complex landscape of China’s beauty market while highlighting its major challenges and opportunities.
The beauty success stories in China have been the stuff of legends. Like how China’s top beauty influencer Austin Li beat Alibaba founder Jack Ma in to sell 15,000 lipsticks online in a mere five minutes (that’s 3,000 lipsticks per minute).
This is but one of the many success stories that are a reminder of the unparalleled growth opportunities China’s booming beauty market offered. However, recent shifts in consumer behaviour and increasing sophistication in purchasing decisions have completed reshaped the landscape.
Beauty brands have faced another challenging year in 2024 as consumers in the once- bountiful Chinese market continued to navigate uncertain economic conditions. According to Euromonitor International, the world’s second-largest beauty market reached USD77.35bn in 2023, up from USD74.96bn in 2022.
How to win over… the fast-paced #BeautyTok scene
Exclusive insights from beauty brands Scent Journer, Modern Molecules, Pretti5, alongside market experts highlight TikTok’s power as a tool for engagement and growth, while also shedding light on the pressures of keeping up with the fast-paced platform.
It is no secret that TikTok has become a major force in the beauty industry. In 2023, TikTok had over 1.5bn monthly active users and the beauty community, known as #BeautyTok, is among its most vibrant and active.
Today, the platform is where beauty trends begin and get shaped in real time. In recent years, we have witnessed the rapid proliferation of micro-trends from #slugging to #underpainting going as quickly as come.
The short-video platform has helped consumers discover new favourites like Milk Makeup’s Cooling Water Jelly Tint Blush and rediscover classics like Clinique’s Almost Lipstick in Black Honey. The visibility it gives to beauty brands and products has a significant influence of real-world sales with hashtags such as #TikTokMadeMeBuyIt and #getreadywithme.
